This past Thursday night, as rumors swirled about the Brown University gunman, the network's Kaitlan Collins posted on social media, highlighting the uncertainty and pointing viewers to her network’s 9pm newscast.
Even though the network is hardly a flawless news source, her statement rang true for a lot of people. It remains one of the outlets where there exists grounded and largely reliable reporting – notably during fast-moving events like the one developing near a New Hampshire storage facility.
A Vulnerable Position During a Business Struggle
But CNN, now four and a half decades old, finds itself in a precarious state as two giant media conglomerates battle over ownership of its parent company, Warner Bros Discovery.
Regardless of who wins, the fate of CNN has been drawn into a major game of corporate ownership, instead of as a question of what serves the information-seeking public.
“This represents another instance of the fundamental flaws with origins in many years of policy decisions,” said Victor Pickard, writer of “Democracy Without Journalism?” and a media policy professor at the Penn.
The speculation about who will own Warner Bros Discovery – could it be Netflix or Paramount Skydance? – misses a more important point.
“It is often framed as a financial tale with influential figures as the central actors, but there is very little discussion of the public interest,” Pickard added.
The Additional Factor: Donald Trump
The CNN scenario is made more complex by Donald Trump’s opinions about a network he has consistently labeled as perhaps his chief “fake news” adversary.
Recall the cries of “CNN sucks!” at his rallies, his administration’s punitive suspension of reporter Jim Acosta’s press credentials, or his sparring with Collins in White House briefings.
Trump now says that the network requires new ownership. Many see this as a desire for ownership that will shield him from journalistic oversight. That is part of why he seems to support Paramount Skydance, which has made a unsolicited offer.
Trump has reason to prefer that bidder more. For one thing, it is run by David Ellison, son of the ally of Trump Larry Ellison, one of the world’s richest people.
Paramount, owner of CBS News, also recently appointed the conservative Bari Weiss, known for her “anti-woke” beliefs, as the lead editor of that venerable news network.
A Future of Continued Uncertainty
Notably, if Netflix is successful, CNN and other cable outlets would first be spun off into a separate entity. That would be a welcome development to many at the network, but it’s not exactly a guarantee of stability. That setup could set up CNN for a future sale. There is no finish line.
If you ask Timothy Wu, much of this is illegal, anyway. The prominent critic of big tech’s dominance wrote recently that competition laws should block both deals.
“Both acquisition attempts would be bad for the country, and both should be opposed by anti-trust authorities,” Wu recently wrote.
The Fundamental Challenge and a Way Ahead
No matter the outcome in this situation, the underlying crisis persists.
“What we have now is a profoundly system hostile to democracy, but we ought not succumb to the belief that change is impossible,” Pickard said. Regulatory choices – originating in the 1930s and 1940s – helped to foster this hyper-commercialized monster, and different policy decisions can address it.
Will that happen in an era where the Federal Communications Commission chair refuses to acknowledge that the agency is independent? Overhaul is very unlikely now, but that is not to say it will be impossible forever.
Policies that strengthen independent news organizations, aid local journalism, finance public media, and prevent the accumulation of media power in too few hands are within reach – they are vital for a healthy democracy.
Regarding media ownership, larger is not superior. And news organizations such as CNN cannot be pieces in the latest merger game.
